37,421 Shares in Avis Budget Group, Inc. $CAR Acquired by Franklin Resources Inc.

Franklin Resources Inc. acquired a new stake in Avis Budget Group, Inc. (NASDAQ:CAR) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 37,421 shares of the business services provider’s stock, valued at approximately $6,326,000. Franklin Resources Inc. owned approximately 0.11% of Avis Budget Group at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Avis Budget Group by 9.8% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,840 shares of the business services provider’s stock valued at $443,000 after acquiring an additional 519 shares during the period. Mackenzie Financial Corp grew its position in shares of Avis Budget Group by 28.4% during the 1st quarter. Mackenzie Financial Corp now owns 3,477 shares of the business services provider’s stock worth $264,000 after purchasing an additional 770 shares in the last quarter. Federated Hermes Inc. grew its position in shares of Avis Budget Group by 89.9% during the 1st quarter. Federated Hermes Inc. now owns 5,762 shares of the business services provider’s stock worth $437,000 after purchasing an additional 2,728 shares in the last quarter. XTX Topco Ltd increased its holdings in shares of Avis Budget Group by 341.7% during the first quarter. XTX Topco Ltd now owns 11,048 shares of the business services provider’s stock worth $839,000 after purchasing an additional 8,547 shares during the period. Finally, New Age Alpha Advisors LLC acquired a new stake in shares of Avis Budget Group in the first quarter valued at approximately $104,000. Institutional investors and hedge funds own 96.35% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on CAR shares. Susquehanna lowered their price objective on Avis Budget Group from $145.00 to $130.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 29th. JPMorgan Chase & Co. raised their price target on Avis Budget Group from $155.00 to $157.00 and gave the stock a “neutral” rating in a research report on Monday, October 20th. Barclays dropped their price target on Avis Budget Group from $150.00 to $120.00 and set an “equal weight” rating for the company in a research note on Monday, November 3rd. Zacks Research upgraded shares of Avis Budget Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 18th. Finally, Bank of America reissued an “underperform” rating and issued a $113.00 target price (down from $120.00) on shares of Avis Budget Group in a report on Wednesday, August 20th. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, Avis Budget Group currently has a consensus rating of “Reduce” and an average target price of $136.83.

Avis Budget Group Stock Performance

NASDAQ CAR opened at $135.88 on Monday. Avis Budget Group, Inc. has a fifty-two week low of $54.03 and a fifty-two week high of $212.81. The stock has a market cap of $4.78 billion, a PE ratio of -2.27 and a beta of 2.12. The firm’s fifty day moving average price is $145.75 and its two-hundred day moving average price is $151.81.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings data on Monday, October 27th. The business services provider reported $10.11 earnings per share for the quarter, beating the consensus estimate of $8.11 by $2.00. The firm had revenue of $3.52 billion for the quarter, compared to analyst estimates of $3.47 billion. During the same period last year, the business earned $6.65 EPS. The company’s revenue was up 1.1% compared to the same quarter last year. As a group, sell-side analysts predict that Avis Budget Group, Inc. will post 8.91 earnings per share for the current fiscal year.

Avis Budget Group Profile

Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the following segments: Americas, International, and Corporate and Other. The Americas segment includes the vehicle rental and car sharing operations in North America, South America, Central America, and the Caribbean.